BTC/USD: Chinese New Year is coming soon, and this Year of the Dragon seems a lot like the Year of the Long. Is it just a coincidence?
- Bitcoin prices: The price of Bitcoin in US dollars went up past $46,000, reaching its highest point in a month, as a lot of people started buying more of it around the start of the Chinese New Year, which is the Year of the Dragon. Historically, this time of year has been positive for Bitcoin. In Mandarin Chinese, the word for ‘dragon’ is similar to the word for ‘long,’ making traders more confident in increasing their investments in Bitcoin.
- Against that backdrop: On Friday, the value of Bitcoin increased, reaching $46,500 at its highest point. Additionally, it was heading towards its fourth day of increase, gaining over 10% during this period. Other digital currencies are also doing well because of the positive market trends early in February. Ethereum, which is the second biggest cryptocurrency, has risen by about 7% in the last week and is now close to $2,500 each.
- Crypto assets endured: For the past few weeks, there has been a lot of unpredictable ups and downs because people were not as excited about Bitcoin ETFs as expected. However, once this rough period is over, fans of cryptocurrency believe that these new investment options will attract more Bitcoin investments, which could increase its value.
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